Pune, India, November 24, 2021 (GLOBE NEWSWIRE) – According to Fortune Business Insights, The global Share of the plastic waste management industry is projected to reach $ 41.58 billion by 2027, a 3.1% CAGR over the forecast period. Uncontrolled plastic pollution levels during the COVID-19 pandemic are expected to create unique growth opportunities for the market, suggests Fortune Business Insights â¢ in its report. The COVID-19 outbreak has sparked a race to produce personal protective equipment (PPE), which is largely plastic.
However, their sustainable disposal, especially the disposal of single-use plastic, has raised concerns among environmentalists and academics as PPE contains large amounts of microplastics. For example, the World Wide Fund estimates that if only 1% of the 1 billion masks used in Italy each month were improperly disposed of, it could lead to the buildup of 10 million plastic masks in the environment, leading to unprecedented pollution could. In such a dire scenario, efficient plastic waste disposal techniques can be critical to tackling the long-term threats from the exploding plastic pollution fueled by the coronavirus pandemic. However, due to interruptions in the supply chain, the market for the disposal of plastic waste will grow moderately in the current year.
According to the report, the market value in 2019 was $ 32.91 billion. The report also provides:
- Thorough impact analysis of the COVID-19 pandemic on the market;
- In-depth study of market drivers and industry trends;
- Detailed assessment of the barriers that are holding back market growth; and
- A comprehensive study of the regional outlook and competitive dynamics affecting the plastic waste disposal market.
Get a sample PDF brochure:
List of Players Profiled in the Plastic Waste Disposal Market Report:
- Envac Group (Sweden)
- Recology (USA)
- Stericycle Inc. (USA)
- Remondis AG & Co. KG (Germany)
- Covanta Holdings Corporation (USA)
- Biffa PLC (UK)
- SUEZ group (France)
- TANA Oy (Finland)
- ALBA Group (Germany)
- Republic Services Inc. (USA)
- Hitachi Zosen Corporation (Japan)
- Clean Harbors Inc. (USA)
- Veolia Environment SA (France)
- Waste Management Inc. (USA)
Proactive government initiatives to end plastic pollution to stimulate the market
Governments around the world are taking decisive steps to contain the plastic pollution threat, which is likely to fuel growth in the plastic waste disposal market in the years to come. In June 2019, for example, Canada, with the world’s longest coastline, announced that it would ban single-use plastic products by 2021. In the United States, cities like San Diego are actively banning the use of Styrofoam, a commonly used plastic in disposable tableware, spoons, and forks. In developing countries too, efforts are being made to eliminate or minimize them plastic usage is gaining momentum.
In January 2019, for example, Peru ordered a ban on single-use plastic in protected natural parks and national museums across the country. The success of these initiatives depends entirely on the effective implementation of plastic waste disposal methods, which bodes well for this plastic waste disposal market.
High plastic consumption to strengthen the plastic waste disposal market in Asia Pacific
In 2019, the Asia Pacific market size was $ 11.08 billion and the region is expected to dominate the plastic waste disposal market share during the forecast period. The leading position of the region is due to the high per capita plastic consumption and waste generation in the developing countries India, China and Vietnam, with China being the largest contributor.
North America boasts a robust plastic waste processing infrastructure backed by a strong presence of established solid waste management companies in the region. These companies also have a deep and well-established sales network that further strengthens the regional market.
In Europe, the initiation of programs such as The European Green Deal, which aim to protect the environment and reduce pollution, will primarily drive growth in the plastic waste disposal market.
Inquire Before Purchasing This Report:
Joint efforts by players to curb plastic pollution to stimulate innovation
In response to the serious threats posed by the global escalation of plastic pollution, many companies in the plastic waste disposal market are banding together to provide quick solutions to this problem. Some of the big players are also establishing their businesses abroad to broaden their business horizons.
Important developments in the industry:
- June 2019: The France-based Suez Group announced plans to build a plastic recycling facility in Thailand with the aim of converting plastic waste into circular polymers. The facility will be the company’s first such venture in Southeast Asia, and the group aims to accelerate Thailand’s 100% plastic recycling efforts by 2030.
- January 2019: Around 50 companies from all over the world that are active in the plastics value chain have joined forces in the “Alliance to End Plastic Waste”, a non-profit organization that deals with the issue of plastic pollution. The parties to the alliance have pledged $ 1.5 billion to develop solutions to prevent leakage and recover plastic waste.
table of contents
- Scope of research
- Market segmentation
- Research methodology
- Definitions and Assumptions
- Market dynamics
- Market leader
- Market restrictions
- Market opportunities
- Important findings
- Major emerging trends in the world market
- Latest technological advances
- Insights into the regulatory scenario
- Porter’s Five Forces Analysis
- Key developments: acquisition, collaboration, strategic partnership and joint venture
- Global Plastic Waste Disposal Market Analysis, Insights, and Forecasts – By Source, 2016-2027
- Main results / summary
- Market analysis, insights and forecasts – by source
Table of contents continuedâ¦!
Talk to our experts:
Fortune Business Insights â¢ provides expert business analysis and accurate data, helping businesses of all sizes make timely decisions. We tailor innovative solutions for our customers and support them in mastering the challenges of their company. Our goal is to offer our customers holistic market information that gives a granular overview of the market in which they operate.
Fortune Business Insights â¢ Pvt. GmbH.
308, Supreme Headquarters,
Poll No. 36, Baner,
Pune – 411045, Maharashtra, India.
USA: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
E-mail: [email protected]
Fortune Business Insights â¢
Linkedin | Twitter | Blogs